Since there are no reviews yet, I'll post pictures of my latest stays, just to give an idea of what the rooms look like. 

It has become my go-to SPG hotel in Zurich. You can often get it for 149CHF or even 129CHF (rare cases). As a PLT and now Gold, I get upgraded to a Junior Suite (not a real suite but a really big room with big bathroom) 80% of the time for booking a standard room.

Sure it's not in the heart of the city but it's close enough, with good tram connections to the main station and the old town. It's near the happening Technopark area and Hardbrücke area.

Staff are always friendly. I get my bonus points and a choice of welcome amenity (a drink, Toblerone chocolate or a fruit platter if my memory is good). I always go for the chocolate.

Late check-outs are basically automatic. They never ask me and always give me 4PM.

Standard Room

Junior Suite

All the Junior Suite upgrades I had were corner rooms. I've had a few on the top floors with basically no vis-a-vis or some lower floors facing the train viaduct that goes towards Oerlikon and the airport.

You can barely see it on the right but there's a small walk-in closet for your bags, clothes and with the safety box.

The Junior Suite bathroom has both the shower and the bath tub and heated floors.

(different suite than previous pic)

Lounge

On the left hand side, the tall building is the Renaissance Zurich.

Location

I've seen a few members complaining about the noise from the nearby trains... i've had rooms facing directly the tracks and I've never been bothered. Now, I have quite an easy and deep sleep so this could be an issue if you're a light sleeper.

There's not much around the hotel. There's a 25Hours hotel right next door and some residential buildings in the back. The Toni Areal mixed office/housing/school/museum building is next door as well. If you want bars or restaurants, just walk 2 tram stops (or take that said tram) and you'll be in the Technopark where you can find quite some choices for food and drinks. Go one more stop and you'll be in the Hardbrücke area where you'll find more options.

If you're in a hurry and want to be at the main station by taxi, it's about 15-20CHF for the short ride. I mostly take the tram all the way or until Hardbrücke then switch to the S-Bahn trains that connects you to all the suburbs, main station and the airport.

Overall

As said at the beginning, if I manage to rooms for around CHF 150, no hesitation, I'd stay at this Sheraton. Though now that I'm MR Gold, I might give a try to the Renaissance nearby. Their standard rooms are quite big I think and there's breakfast for Gold members. 

The Four Points in Sihl City is almost always more expensive than this Sheraton. It's right next to a big mall but location wise, to me, it's the same distance from the lake, the old town and Bellevue or the main station. That's how it feels anyways, never really timed or "measured" the commutes :)